A historic amusement pier in Atlantic City, known as Steel Pier, has been listed for sale at a price of £85 million. Located directly on the famous Atlantic City Boardwalk, this iconic structure spans over five acres and boasts an impressive history dating back to 1898, when it first opened its doors to the public as a theatre.
:max_bytes(150000):strip_icc():format(jpeg)/steel-pier-amusement-park-atlantic-city-new-jersey-tout-91726-36a1e2c10bf545b0b6f862c96093ca4e.jpg)
Currently on the market, Steel Pier features a main structure that is 150 feet wide and stretches 965 feet in length. Of particular interest to potential buyers is a perpetual riparian grant, which provides permission for an expansion of the pier into the Atlantic Ocean, allowing for an additional 2,850 feet. This unique opportunity to own an expanse of the ocean adds another layer of allure to the property.
Ryan Serhant, the founder and CEO of SERHANT, is representing the listing along with Michele Zyska and Kevin Bergin. Serhant highlighted the rarity of such an opportunity, stating, “How often does someone get to own a piece of the ocean? That’s exactly what this offers.” He referred to Steel Pier as not just a prime location but an opportunity to create something extraordinary on the East Coast. The property is directly across from the Hard Rock Hotel + Casino, enhancing its appeal to potential investors or developers.
The current operational status of the pier focuses on its attraction features, which include a variety of amusement rides, food and beverage options, and event spaces. The pier is home to rides like bumper cars, a Ferris wheel, and a swinging carousel, making it a family-friendly entertainment destination. There is even a helipad available for scenic helicopter tours, adding a unique highlight for visitors.
Owned by the Catanoso family since 2011, the property has seen various improvements under their management through Atlantic Pier Amusements, Inc. Company president Anthony Catanoso expressed that the pier now needs “someone with a bold vision” to continue its legacy. The Catanoso family purchased Steel Pier from former President Donald Trump, who had acquired it as part of a package deal with the adjacent Trump Taj Mahal Casino Resort at a time when the property was facing auction. They bought Steel Pier for £4.25 million and have since invested in multiple renovations, including the refurbishment of the sky bridge and the installation of a 485,000-pound Ferris wheel in 2017.
Steel Pier originally opened as a theatre after construction began in 1897, expanding in scope over the years to include numerous rides and attractions, ultimately earning the title “Showplace of the Nation.” At its peak, the structure extended nearly 2,300 feet. However, after being rebuilt with steel reinforced concrete in the late 1980s, plans for a 15-story hotel were never realised.
The pier has not only been a significant part of Atlantic City’s history but has also featured prominently in popular media. It has served as a filming location for multiple movies, such as “The Long Kiss Goodnight” and “The Bounty Hunter,” as well as television shows like “Cake Boss” and “My College Friends.”
As the sale unfolds, the future of Steel Pier remains uncertain. Its rich history and unique operational status present a myriad of possibilities for potential buyers wanting to leave their mark on this iconic piece of American culture. The Catanoso family hopes that the next owner will appreciate its storied past while also embracing the potential for innovation and development moving forward.
With its listing price of £85 million reflecting both its historical significance and its potential for growth, buyers from various sectors are likely to take an interest in the prospective opportunities that owning Steel Pier may present.